The 30-year-old forward is coming off a somewhat disappointing season, in which he was traded from the San Jose Sharks to the New York Rangers. Clowe posted 19 points including just three goals in 40 games between the two clubs.

He battled injuries toward the end of the season and appeared in just two postseason contests before getting hurt again in Game 5 of the Rangers' series with the Washington Capitals.

It's a high-risk deal for the Devils, banking on Clowe whose last two seasons have shown statistical decline. The weak free agent market made him a hot commodity with leverage, but this is an expensive price to pay.